WHY SOME FEAR SOCIAL MEDIA
by Maribeth Kusmeski
Compliance departments of financial services firms are up in arms because of industry rules requiring them to retain records of all the social media conversations that their advisors are having. What’s the big fear?
Regulatory agencies like the SEC and FINRA want to make sure that advisors aren’t promising investors returns or engaging in promotion of unregistered funds, such as private-equity funds or hedge funds through social media or social networking sites.
However, many advisors that understand their limitations using social media and their compliance departments’ challenges in retaining online messages, have found using social media to be a very valuable tool. Within their firms’ guidelines, they’re using social media sites to push (not push and pull) out much needed brand exposure, credibility and a searchable online presence – not as a way to conduct illicit activities. So ultimately, the biggest fear with social media shouldn’t be the regulatory agencies or compliance but something else entirely.
Once you’ve established an online presence, the most important task you face is protecting your reputation! Much as you would protect your credit, check regularly for activity connected to your name and your business. Sites such as Facebook, LinkedIn and Twitter all rank highly in Google searches. Be careful what you post; anything you say could permanently show up at the top of search engine searches. Think of yourself as a public figure that may have your every word scrutinized.
Ultimately, the best way to manage your online reputation is by generating positive search results through your online posts and profiles that will rank as highly as possible on any list of search results. Protect your most important assets – your brand and online reputation.
Maribeth Kusmeski is president of Red Zone Marketing, LLC; 1509 N. Milwaukee Avenue; Libertyville, IL 60048; phone: (847) 367-4066; fax: (847)-367-5226; e-mail: [email protected]; Web site: www.redzonemarketing.com.